SPG is the world's largest port conglomerate in terms of cargo capacity. [Photo provided to chinadaily.com.cn]

Shandong Port Group (SPG) on May 23 attended the launch ceremony of the China-South Korea consolidation center and the promotional conference for the "Yiwu-Shandong-South Korea" two-way trade corridor.

SPG also signed a strategic cooperation framework agreement with the Yiwu Municipal Government that same day.

Yiwu is the world's largest small commodity distribution center and has a close trade relationship with South Korea. In 2022, Yiwu's foreign trade with South Korea increased by 65.3 percent year-on-year. Most of its exports were transported through consolidated shipping, and over 50 percent of containers were sent to South Korea via different ports in Shandong.

SPG is the world's largest port operator and serves as a bridgehead in trade connectivity with Japan, South Korea and ASEAN countries under the Regional Cooperation Economic Partnership (RCEP). It has many premium direct shipping routes to Japan and South Korea, comprehensive logistics parks as well as efficient and convenient port services. All these factors make SPG a key player in enhancing economic and trade ties between China and South Korea.

Among all Chinese coastal ports, the company has the most convenient passenger/container liner route to South Korea. Its port subsidiary Weihai Port is the nearest Chinese port to South Korea. SPG currently has nine shipping routes to South Korea, and more than 160 trips are made between Shandong, Japan and South Korea every week.

The company has taken steps to improve integrated services in the Weihai Logistics Park and set up the Pyeongtaek logistics center in South Korea. Over 40 percent of Yiwu's exports to South Korea were sent via SPG.

The successful launch of the China-South Korea consolidation center will provide SPG with more opportunities to serve Yiwu and South Korea. SPG will continue to expand its functions to improve its logistics network layout to South Korea and provide services including supply chain and warehouse management.

The aim is to jointly build a "Yiwu-Shandong-South Korea" two-way trade corridor and make greater contributions to China-South Korea economic and trade exchanges.